The Aryavarth Express
New Delhi: Union Minister for Heavy Industries & Steel H D Kumaraswamy on Friday hailed the Union Cabinet’s approval of a ₹7,280 crore scheme to promote the manufacturing of sintered Rare Earth Permanent Magnets (REPMs), calling it a transformative step that will place India among the “allied group of nations” with advanced technological capabilities.
In a video message, Kumaraswamy said that India will, for the first time, build a complete end-to-end value chain for producing high-performance rare earth magnets — a domain currently dominated by only a few global players.
This initiative, he noted, will significantly boost India’s strategic autonomy by reducing reliance on imports and strengthening the nation’s industrial and defence supply chains. It will also generate high-value jobs in deep-tech and advanced manufacturing sectors.
Calling the scheme a “historic first for the nation,” Kumaraswamy said it reflects the visionary leadership of Prime Minister Narendra Modi and aligns with the national goals of Viksit Bharat 2047 and an Atmanirbhar Bharat in high-technology manufacturing. The programme will also promote advanced R&D and commercialization, positioning India as a future global hub for frontier technologies.
Earlier, while announcing the Cabinet decision, Union Minister Ashwini Vaishnaw said that India is expected to achieve self-reliance in rare earth magnets within three to four years.
About the REPM Scheme
The Cabinet-approved scheme aims to support the creation of integrated REPM manufacturing units capable of converting:
Rare earth oxides → Metals
Metals → Alloys
Alloys → Finished rare earth permanent magnets
Rare Earth Permanent Magnets are among the strongest magnets in the world, essential for:
Electric vehicles
Renewable energy technologies
Electronics
Aerospace
Defence systems
With demand rising rapidly across EVs, clean energy, industrial machinery, and consumer electronics, India’s consumption of REPMs is projected to double by 2030.
The new scheme aims to ensure that this growing demand is met through domestic production while strengthening India’s presence in the global rare earth value chain.
